Cheating by Octafx in trade Execution.

[future2012]

Dear Sir,
I have an ECN account with Octafx where i have been trading in last couple of days, and my account number with them is 347038, i have been trading with them and i can say they they are not ECN they just a MARKET MAKER in the name of ECN. This is what i have experienced and i have reasons to back my claim. First of all let me tell you i have been trading since 2008 and i have traded with Fxpro, Yadix, Fxopen, Forex.ee and i really know what an ECN/STP means. I wont like to go in details rather i am just comin gto the main point of interest as per below:-
(1) Octafx closes my order before my set T/P, and they justifying their act by saying that this is ECN model. I am just giving you the brief details along with the reference order number as below:

(i) Sell order 77932462 GBP/USD - open at 1.27487 - T/P set at 1.2759 but they executed at 1.27599
(ii) Sell Order 77932355 GBP/USD -open at 1.27473- T/P set at 1.2730 - but executed by octafx at 1.27301

In both the order they made a loss of 10 usd in total and these happen on 14th, i wrote them an email and i am just posting here their reply, just see,



Sam (OctaFX)

Jun 14, 17:50 EEST

Dear Debashish Behera,
Thank you for contacting OctaFX!

We have reviewed your inquiry regarding execution of the orders 77932462 and 77932355 attentively.

Your orders were closed by a take profit but due to limited liquidity available at that moment on the market it was executed at the different price.
It may happen when the market is volitile and there is a limited amount of available liquidity to execute Clients' orders. Note that GBP pairs (e.g. GBPUSD) may still be affected by Parliamentary Elections in the UK resulting the market to be volatile and unstable.

• Sell order 77932462 was closed when the Ask price reached 1.27590 at 11:20, June 14 (Server time), thereby triggering their take profit. The order was then filled at the next best available price in the market - 1.27599.
  
  
• Sell order 77932355 was closed when the Ask price reached 1.27300 at 12:17, June 14 (Server time), thereby triggering their take profit. The order was then filled at the next best available price in the market - 1.27301.
  

This is an absolutely normal during real trading. In such situations we cannot guarantee that your pending order, take profit or stop loss will be filled at the requested rate. Whether a particular order will be filled at a more or less advantageous price depends solely on the market situation. OctaFX serves as an intermediary between the client and the market by offsetting the orders one for one with the best prices from our liquidity providers to be executed at their end.

Bear in mind that from our side it is not possible to 100% guarantee that your orders will be filled at the requested rate due to a nature of ECN trading.

I hope that I have clarified this. Should you have any further questions, please let me know.

Best regards,

Sam
Trade Compliance Department

Again yesterday and today happened the same thing in a series of trades and i am posting here the detaisl here and please see how they are cheating:-

(i) Order No - 78117459 - 1 lot - sell- usd/jpy- open at 111.692 - set t/p - 111.59 - they executed at 111.592.
(ii) Order No - 78119416 - 1 lot - sell-eur/usd-open at 1.11566 - set t/p - 1.11476 - they executed at 1.11478
(iii) Order No - 781228710 - 1 lot - sell - eur/usd - open at 1.11591 - set t/p - 1.11490 - they executed at 1.11492.

In all the three orders they cheated me with around 6 usd 0.2 pips each in three order.

Sir my question is have even seen any ECN model which closes the ordeer before the set T/P. In general practice of ECN Model, the order closes below the set t/p if the set t/p price is not avaiable and in ECN case a trader has always have the advantage, now my question is in Octafx how can their ECN model dare to close the order of a trdaer before T/P. Dont u see the mischief behind the screen. Even the Market Maker dont do this kind of act. And these Octafx people are really cheating people in the name of ECN. just see all the above orders where they are trying to cheat with very small amount like 1 or 2 usd so that it would not come under the scanner of a trader. But i am so vigillant about all these thing based on my experience.

Now i request you sir to intervene into this matter and bring justice to me, although its small amount but its an ethical conduct and the whole forex world should see the reality of octafx.

I am here attaching my trading statement file for reference.

Thanks
Debashish

 

[future2012]

Further i am attaching herewith the todays trading experience and just see what they are doing with me :-

(A)Please refer to the trade order number 78163590 set T/P was 1.26366 and executed was 1.26357 causing me a loss of 9 usd and another trade order number 78165521 set t/p was 1.26227 and executed price was 1.26218 again causing a loss of 9 usd.
(B)
(1) 78174205 - set T/P was 1.2650 and u executed my tarde on 1.26472, so resulting in a loss of 28 usd.(2.8 pips )
(2) 78163479 - set T/P was 1.26414 and u executed it at 1.26375 so resulting in loss of 39 usd ( 3.9 pips ).
(C)
(1) 78176744 - set t/p was at 1.2675 and u clsoed it at 1.2677 resulting in loss of 20 usd ...
(2) 78177858 - set t/p was at 1.26800 and u closed it at 1.26807 resulting in a loss of 7 usd.
Thease are the kind of chaeting i am facing...i am really disspointed.

 

[OctaFX Rep]

Dear Debashish,

We understand your discontent. However, our Trade Compliance Department explained in detail what happenned in your case and what the reasons for that were:
Your orders were closed by a take profit but due to limited liquidity available at that moment on the market it was executed at the different price.
It may happen when the market is volitile and there is a limited amount of available liquidity to execute Clients' orders. Note that GBP pairs (e.g. GBPUSD) may still be affected by Parliamentary Elections in the UK resulting the market to be volatile and unstable.

Kind regards,
OctaFX Rep.